North America

Several firms have added secondaries capabilities, either by building in-house groups or acquiring outside firms, like Ares Management, which bought Landmark Partners earlier this year.

Ardian acquired a majority of the portfolio, offloaded to crystalise returns after a fiscal year in which Harvard's PE portfolio returned 77%.

Last year, the Boston mid-market GP carried out a $1.7bn process on its 2012-vintage fund, backed by AlpInvest, Lexington and Hamilton Lane.

Village Global has backed stake-trading start-up Liquidly, which plans to open its first liquidity window in Q4.

The team co-led by Earl Hunt was launched in April with $1bn to deploy and promises of being a 'category killer' in the credit secondaries market.

Ardian has backed several sizeable deals designed to grow an investment manager's third-party AUM, involving groups such as Mubadala and John Hancock.

The process on the world's second-largest talent agency was led by Goldman Sachs, with ICG and Neuberger Berman as part of the investor group.

Regulatory proposals in the US should, if enacted, strengthen the continuation fund industry.

The single-asset process is focused on Hispanic food-focused Flagship Food Group, which was subject to a GP-led process in 2018.

The firm is among a handful of newer shops raising capital to target the smaller side of the secondaries market, which is busy and largely ignored by larger firms.